Advantex Marketing International renewed its credit facility with Accord Financial.
The renewed agreement is for a multi-year term ending in December 2021 and allows for automatic renewal thereafter for periods of one year, unless either party gives termination notice.
The credit facility has a limit of $8.5 million, with a current utilization by Advantex of about $4.2 million. Combined with working capital from a recently completed restructuring, the renewed facility will be used to assist in the next phase of recovery of the company’s core business during which it expects a gradual but sustained growth in its CIBC/TD program merchant base and related revenues.
The renewed agreement also carries more beneficial terms, effective immediately, in terms of interest rate and margin funding formula.
Advantex provides specialized marketing programs which enable members of affinity groups to earn frequent-flyer miles and other loyalty rewards through purchases at participating merchants.
Accord Financial is an independent finance company that provides distinctive working capital solutions to small and medium-sized companies.
